National Credit Union Administration joins interagency proposal for customer identification rules for payment stablecoin issuers

The National Credit Union Administration announced that the Financial Crimes Enforcement Network, together with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and NCUA, is seeking public comment on a proposed rule requiring permitted payment stablecoin issuers to establish and maintain an effective customer identification program under the Guiding and Establishing National Innovation for U.S. Stablecoins Act. The proposal would bring those issuers into Bank Secrecy Act customer identification requirements. Under the GENIUS Act, permitted payment stablecoin issuers are treated as financial institutions for Bank Secrecy Act purposes. The law also gives NCUA responsibility for licensing, regulating and supervising permitted payment stablecoin issuers that are subsidiaries of federally insured credit unions, including for Bank Secrecy Act examinations. NCUA said the joint proposal mirrors existing customer identification program requirements for credit unions and sets standards for identifying and verifying account holders. Comments are due 60 days after publication in the Federal Register. The consultation follows NCUA proposals issued last month on operational and risk management standards for licensed payment stablecoin issuers and in February 2026 on application requirements for issuers under its jurisdiction.